Jeffs’ Brands Ltd (NASDAQ:JFBR) shares are trading higher on Friday after the company inked a non-binding Letter of Intent for a potential merger of its wholly owned subsidiary Fort Products Limited with Impact Acquisitions Corp., a capital pool company listed on the TSX Venture Exchange.
The merger would involve Impact Acquisitions acquiring 100% of Fort Products’ shares. Meanwhile, Jeffs’ Brands will receive between 75.02% and 83.29% ownership of Impact’s share capital, contingent on meeting predetermined milestones.
The proposed acquisition values Impact at approximately C$4.85 million (around $3.37 million), and a total value ascribed to Fort Products of approximately C$17.12 million (approximately $11.906 million).
Impact’s board of directors will order a valuation of Fort Products, with the condition that its value will not be less than C$14.0 million (around $9.7 million) for the transaction to proceed.
Price Action: JFBR shares are up 4.14% at $2.77 at the last check Friday.
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